Not even the world’s top social media competitor is immune to the realities of today’s economy.
ByteDance-owned TikTok has recently started the restructuring of its business, which includes layoffs.
The short-form video platform has become Instagram and YouTube’s biggest threat after crossing 1 billion active users last September. However, this hasn’t protected the company from tumbling stock prices and record-high inflation plaguing the tech industry.
This week, European-based TikTok employees were told that their jobs could be at risk and should expect a meeting with HR in the next several weeks. U.S. employees were also told that their roles could be cut.
Just today, TikTok’s Monetization Product Leader David Ortiz announced that he would be leaving the company due to his role being eliminated as part of “a much larger re-organization effort.”
While it’s clear that the company is undergoing major changes and being forced to reconsider its current operations, a spokesperson said that this isn’t indicative of a “company-wide restructure.”
“There are a small number of roles within the operations and marketing teams that shifted in focus, that can’t be called a ‘company-wide restructure,’” said Anna Sopel.